Biotech Values

[DewDiligence]

OBLN—(+414%)—reverse-merges into RSLS:

https://finance.yahoo.com/news/reshape-lifesciences-inc-merge-obalon-134500590.html

ReShape Lifesciences Inc. (OTCQB:RSLS), a global weight-loss solutions leader, announced today that it has entered into a definitive merger agreement with Obalon Therapeutics, Inc., which is listed on the NASDAQ Capital Market, a company focused on developing and commercializing novel technologies for weight loss, under which ReShape and Obalon will combine in an all-stock transaction.

Under the terms of the merger agreement that has been unanimously approved by the boards of directors of both companies, existing ReShape stockholders will have majority ownership of the combined company immediately following the closing of the merger and Obalon will be renamed ReShape Lifesciences Inc. and will trade under the NASDAQ ticker symbol "RSLS." The current directors and officers of ReShape will comprise the board of directors and executive management of the combined company.

RSLS sells the LapBand, which was once considered a promising weight-loss alternative to bariatric surgery until its efficacy and safety were called into question by post-marketing data.

LapBand was first mentioned on this board almost 17 years ago (!), when it was marketed by a company called Inamed that was acquired by Allergan (#msg-3390979, #msg-8501021).